Report on the Steel Industry Investment Rating - Not provided Core View - In August, the apparent demand for steel decreased month-on-month, the supply-demand gap widened, and inventory accumulation was obvious. In September - October, there is an expectation of seasonal strengthening in demand. If the apparent demand recovers, the supply-demand gap will narrow, and inventory accumulation will slow down, but high production still tests the demand - absorbing capacity during the peak season. Currently, steel prices have fallen from high levels. Unilateral short - selling space is limited, and selling out - of - the - money put options can be considered. With the obvious contraction of steel mill profits and considering the expected reduction in coking coal production, going long on the steel - iron ore ratio can be considered [1]. Summary by Directory Steel Prices and Spreads - The prices of various steel products such as rebar and hot - rolled coils in different regions and contracts have decreased, with rebar 10 - contract dropping by 51 yuan/ton and hot - rolled coil 01 - contract dropping by 43 yuan/ton [1]. Cost and Profit - The billet price decreased by 50 yuan/ton, and the slab price remained unchanged. The profits of hot - rolled coils in different regions showed different trends, with the profit in North China increasing by 22 yuan/ton and that in East China decreasing by 8 yuan/ton [1]. Supply - The daily average pig iron output decreased by 0.7 to 240.1, a decrease of 0.3%. The output of five major steel products increased by 6.5 to 884.6, an increase of 0.7%. Among them, the electric - furnace output increased by 1.5 to 31.3, an increase of 5.0%, and the converter output increased by 4.4 to 189.3, an increase of 2.4% [1]. Inventory - The rebar inventory increased by 16.4 to 623.4, an increase of 2.7%, and the hot - rolled coil inventory increased by 4.0 to 365.5, an increase of 1.1%. The inventory of five major steel products increased by 26.8 to 1467.9, an increase of 1.9% [1]. Transaction and Demand - The building materials trading volume increased by 0.6 to 8.9, an increase of 6.6%. The apparent demand for five major steel products increased by 4.8 to 857.8, an increase of 0.6%. The apparent demand for rebar increased by 9.4 to 204.2, an increase of 4.8%, and that for hot - rolled coils decreased by 0.5 to 320.7, a decrease of 0.2% [1]. Report on the Iron Ore Industry Investment Rating - Not provided Core View - The global iron ore shipping volume has increased significantly to a high for the year, and the arrival volume at 45 ports has risen. The demand side is affected by the high - level steel mill profit rate and the limited production during the military parade in Tangshan, with pig iron output slightly decreasing from a high level. The port inventory has decreased slightly, and the steel mill's equity iron ore inventory has decreased. In the future, pig iron output will slightly decline around the military parade, and the fundamentals are difficult to drive a sharp rise. The demand during the "Golden Nine and Silver Ten" is questionable. Unilateral short - selling at high levels is recommended, and the strategy of going long on iron ore and short on coking coal is recommended [3]. Summary by Directory Iron Ore - Related Prices and Spreads - The warehouse - receipt costs of various iron ore powders have decreased, with the warehouse - receipt cost of Carajás fines decreasing by 19.8 to 792.3, a decrease of 2.4%. The 01 - contract basis of various iron ore powders has increased, with the 01 - contract basis of Carajás fines increasing by 17.2 to 26.3, an increase of 188.8% [3]. Spot Prices and Price Indexes - The spot prices of various iron ore powders at Rizhao Port have decreased, with the price of Carajás fines at Rizhao Port decreasing by 18.0 to 873.0, a decrease of 2.0%. The prices of iron ore indexes such as the Singapore Exchange 62% Fe swap have also slightly decreased [3]. Supply - The 45 - port arrival volume (weekly) increased by 132.7 to 2526.0, an increase of 5.5%, and the global shipping volume (weekly) increased by 241.0 to 3556.8, an increase of 7.3%. The national monthly import volume decreased by 131.5 to 10462.3, a decrease of 1.2% [3]. Demand - The daily average pig iron output of 247 steel mills (weekly) decreased by 0.6 to 240.1, a decrease of 0.2%. The daily average port clearance volume of 45 ports (weekly) decreased by 7.1 to 318.6, a decrease of 2.2%. The national monthly pig iron output and crude steel output also decreased [3]. Inventory Changes - The 45 - port inventory decreased by 35.7 to 13763.02, a decrease of 0.3%. The imported iron ore inventory of 247 steel mills (weekly) decreased by 58.3 to 9007.2, a decrease of 0.6% [3]. Report on the Coke Industry Investment Rating - Not provided Core View - The coke futures have shown a volatile downward trend, and the spot price has stabilized after the increase. The supply side has a slight decrease in coking enterprise start - up due to limited production in some areas, and the demand side has a high - level decline in blast furnace pig iron. The inventory in various links has slightly increased, and the overall inventory is at a medium level. There is a possibility of a future price decline. Speculative short - selling at high levels is recommended, and the strategy of going long on iron ore and short on coke is recommended [5]. Summary by Directory Coke - Related Prices and Spreads - The prices of various coke contracts have decreased, with the coke 01 - contract dropping by 49 yuan/ton. The coking profit has decreased, with the weekly steel - union coking profit decreasing by 11 [5]. Supply - The daily average output of all - sample coking plants decreased by 0.9 to 64.5, a decrease of 1.4% [5]. Demand - The pig iron output of 247 steel mills decreased by 0.7 to 240.1, a decrease of 0.3% [5]. Inventory Changes - The total coke inventory decreased by 1.1 to 887.5, a decrease of 0.14%. The inventory of all - sample coking plants, 247 steel mills, and ports showed different trends [5]. Coke Supply - Demand Gap Changes - The coke supply - demand gap decreased by 1.3 to - 5.7, a decrease of 22.4% [5]. Report on the Coking Coal Industry Investment Rating - Not provided Core View - The coking coal futures have shown a volatile downward trend, and the spot market is generally weak and stable. The supply side has a slight decrease in coal mine start - up due to recent mine accidents and production suspension and rectification, and the demand side has a decrease in coking enterprise start - up and a high - level decline in pig iron output. The inventory in various links has a slight accumulation, and the overall inventory has slightly decreased. The coal price may continue to decline in September. Speculative short - selling of coking coal 01 at high levels is recommended, and the strategy of going long on iron ore and short on coking coal is recommended [5]. Summary by Directory Coking Coal - Related Prices and Spreads - The prices of various coking coal contracts have decreased, with the coking coal 01 - contract dropping by 33 yuan/ton. The profit of sample coal mines has decreased by 4, a decrease of 0.9% [5]. Supply - The raw coal output remained unchanged at 860.5, and the clean coal output increased by 1.8 to 444.5, an increase of 0.4% [5]. Demand - The coke output decreased, with the daily average output of all - sample coking plants decreasing by 0.9 to 64.5, a decrease of 1.4% [5]. Inventory Changes - The clean coal inventory of Fenwei coal mines decreased by 0.9 to 116.7, a decrease of 0.8%. The coking coal inventory of all - sample coking plants and 247 steel mills also showed different trends [5].